These LquidPay Spend Card Terms (the “Card Terms”) are a binding agreement between you (“you”, or “your”), Merida Limited, and Issuer, including its affiliates, successors, and assigns (“Issuer,” “we”, “us”, or “our”) that govern your use of the LquidPay Spend Cards, including the process for obtaining and managing LquidPay Spend Cards, access to which is provided to you by Merida Ltd. (“LquidPay”).
WHEN YOU APPLY FOR A CARD ACCOUNT, ACTIVATE A CARD, OR OTHERWISE PARTICIPATE IN THE PROGRAM IN ANY WAY, YOU REPRESENT THAT YOU HAVE READ, UNDERSTAND, AND AGREE TO THESE ISSUING TERMS.
The LquidPay Card is provided to you on behalf of LquidPay in connection with your status as LquidPay customer and pursuant to your separate Terms of Service between you and LquidPay (the “LquidPay Terms of Service”). The Issuer is not a party to the LquidPay User Terms and disclaims any liability for the performance of services covered therein.
LquidPay has opened a LquidPay Account for purposes of facilitating transactions you make using a Card based on a limit established by LquidPay pursuant to the User Terms. You understand that you have access to the Services and LquidPay Card only to the extent authorized by the LquidPay. You acknowledge and agree that LquidPay will satisfy obligations created through your use of the LquidPay Card and you will repay Partner based on the terms of your User Agreement, subject to the terms below.
Details on LquidPay’s collection, use, and handling of your personal data are described in Privacy Policy. Please review it carefully and contact LquidPay if you have any questions. By opening, using, or maintaining a Card, you consent to and direct Issuer to share information relating to transactions, including receipt information or other personal data, in order to deliver the Services.
The card program is issued by the Issuer under license from Visa. The information about the cost of the Card described in the above table is accurate as of 23rd December 2024. This information may change after that date. To find out what may have changed, write the servicer, at [email protected].
LquidPay and Issuer reserve the right to amend these Card Terms or impose additional obligations or restrictions on you at any time with or without notice to you. By continuing to use the Services, you agree to be bound by such amendments or additional obligations or restrictions. The date on the top of this page shows when the Card Terms were last updated. Capitalized terms that are not defined here have the definitions provided in the Platform Agreement.
“Card Networks” means the payment card networks including Visa or Mastercard.
“Charge” means a payment for goods or services made to a merchant that accepts payments on the applicable Card Network.
“Chargeback” means a dispute that you initiate against a merchant for an unresolved dispute with the merchant or where a Charge is unauthorized.
“Fee” means charges we impose on you for use of Services or your use of a LquidPay Card.
“Issuer” refers to the issuer of the card program. The issuer for this card program is Third National.
“Periodic Statement” means the periodic statements that reflect activity for all Cards issued to you identifying charges, fees, refunds, or other amounts owed or credited to your LquidPay Account during the time covered by that statement.
“Supported Blockchains” means the Ethereum Blockchain, Polygon Blockchain, Optimism Blockchain, Arbitrium Blockchain and other blockchain networks which may be added at the sole discretion of Issuer.
Accepting this Agreement & Eligibility
These Card Terms become effective and legally binding when you activate or create your Card by following the instructions on the LquidPay platform. You and we agree to comply with, and be bound by, this entire agreement. You should retain and carefully review these Card Terms. By creating a card, you agree to the Arbitration Clause below as it pertains to this agreement, even if you do not use the Account or the Card.
By using a Card you represent and warrant in your individual capacity that:
Issuer Terms
Cards are issued either by the issuer identified on the back of the LquidPay Card issued to you, as identified in these Card Terms, or any other agreements or materials provided to you (in each case, the “Issuer”). Issuer is the creditor responsible for funding your payments for goods and services your purchase at a merchant through your LquidPay Card and based on information provided by Partner.
Please note that the Issuer may require you to accept additional terms in addition to the agreements you have with LquidPay, and your use of the LquidPay Cards will then also be subject to such additional terms.
Collateral
Either your primary Linked Wallet or any Additional Wallets may provide the collateral that will secure the Charges made by you on any Partner Name Card (the “Collateral”). The Collateral will be in the form of a Digital Asset. Issuer reserves the right to designate which forms of Digital Assets may be used as Collateral, and reserves the right to decline a form of Collateral if it does not meet its updated policies, guidelines, or the Issuer’s requirements.
A “Liquidation Event” will occur a) if you have an outstanding payment obligation to Partner Name or the Issuer, as applicable, and such payment obligation has not been paid in full by you within one (1) calendar day; OR b) the Market Value of your collateral drops below the value of the existing charges on your Partner Name Card(s) and you do not add additional collateral. Partner Name and Issuer may allow for an additional grace period at their discretion.
“Market Value” of the Collateral will be determined by Partner Name and/or Issuer using the net redemption value provided by a centralized stablecoin issuer and/or the real time price posted on a reputable and recognized exchange or price aggregator, or by reference to a price oracle, subject to Partner Name or Issuers discretion. You agree that the market value of your collateral is determined solely by Issuer through the above methods. You further agree that the Market Value is determined at the time of a Liquidation Event and any change in or fluctuation in value of the collateral before or after a Liquidation Event will have no bearing on obligations owed to Partner Name and/or Issuer.
You, through one or more of your Linked Wallet or Additional Wallets, will be required to post Collateral that has Market Value in United States Dollars (“USD”) equal to each dollar that is charged to all of your Partner Name Cards. For example, if you provide Digital Assets with a Market Value equal to $100 of value in USD, and that Market Value does not change, your spending limit will be equal to $100 USD across all your Partner Name Cards. Once $100 USD has been charged to your Partner Name Cards, you will be required to provide additional Collateral for any incremental Charges. If the Market Value of your collateral goes down below $100 USD, and you have $100 USD in charges, you may be subject to a Liquidation Event. If the Market Value of your collateral is subject to a liquidation event when the Market Value is below your existing charges, you still owe Partner Name and Issuer any difference between the USD value of the charges, and the USD value of the collateral at the time of Liquidation.
Your withdrawal of any Collateral will not terminate any outstanding payment obligations you may have on your Lquidpay Cards.
Lquidpay and Issuer will not, in any circumstance, be holding custody of your Collateral. Issuer is not a custodian or owner of your Collateral. If a Liquidation Event occurs, only the amount required to repay your outstanding financial obligations to Issuer will be liquidated from your Collateral. Any unencumbered Collateral balances shall remain freely accessible. You authorize and consent to LquidPay or Issuer liquidating the Collateral upon a Liquidation Event through a third party or by other means in order to satisfy payment obligations owed by you to LquidPay, the Issuer or other third party, as applicable.
Spending Limits
Your spending limit is generally set by LquidPay pursuant to the terms of the LquidPay Terms as well as the amount of collateral in your linked wallet. Issuer may additionally set spending limits on each LquidPay Card or an aggregate spending limit across all LquidPay Cards, at its sole discretion. LquidPay Account Spending limits are dynamic and may be modified at any time with or without notice to you, including temporarily increases or decreases or reducing spending limits to $0. Any authorized Charge or fee on a LquidPay Card may reduce your spending limit by a corresponding amount in LquidPay Account .
When you use LquidPay Card to initiate a transaction at certain merchants where the amount of the final transaction is unknown at the time of authorization, Issuer may assess a value to such a Charge for an amount higher or lower than the final Charges. The initial “hold” Charge will reduce your spending limit until the final Charge is determined.
Purchases & Restrictions
LquidPay and Issuer reserve the right to block and terminate transactions and suspend access to your Account, unless prohibited by applicable law, for transactions and activity which presents patterns that do not conform with consumer purposes. You may use your Account to purchase or lease goods or services (each, a “purchase”) by presenting your Card or providing to participating merchants and establishments that honor the Card, your Card number and additional information by any other means (for example, over the phone, online or through a mobile app). We will not be liable to you (or anyone else) if any merchant or other person cannot or will not process a purchase permitted under these Card Terms. Unless prohibited by applicable law, we may from time to time limit the type, number and dollar amount of any purchase, including any cash-like transaction, even if you have sufficient available credit to complete the purchase. Cash-like transactions include, but are not limited to, the following transactions to the extent they are accepted:
We reserve the right to deny any purchase for any reason, such as account default, suspected fraudulent or unlawful activity, internet gambling, or any indication of increased risk related to the purchase. We may terminate or suspend your use of the Card or the Account, with or without notice to you before or at the time we take such action. Cash advances and balance transfers are not available under these Card Terms.
You acknowledge and agree that you have read and understood the Prohibited Use section of the LquidPay Terms of Service and that you will not engage in any such activities when using the Services or the LquidPay Card.
You acknowledge and agree that you will not use the LquidPay Card (1) for any expense which is not an expense incurred by you; (2) for any purpose prohibited by these Card Terms; (3) for, with, or for the benefit of any individual or entity who is blocked or sanctioned by the United States, including those identified by the United States Department of Treasury’s Office of Foreign Assets Control (OFAC); for personal, family, or household use.
You will use all reasonable means to protect your LquidPay Cards and log-in credentials to the LquidPay Account from unauthorized use. You will not allow any other person or third party to use the Services or the LquidPay Card on your behalf. You will immediately inform us where you know or suspect that access to your LquidPay Account has been compromised or your LquidPay Card has been lost, stolen, or compromised in any way.
Payments
Promise to Pay
While you will generally repay LquidPay for amounts transacted with your Card, you also promise to pay Issuer or its assignees for all amounts charged to the Account not repaid by LquidPay, including all purchases, interest, and charges charged to your Account. You are obligated to repay LquidPay or its assignees, for all transactions made using your Card by people you have authorized to use the Card even if their use of the Card exceeds the authorization which you gave them,
Periodic Statements
You are responsible for payment in full of all Charges and Fees. Your LquidPay Account may include Periodic Statements identifying Charges, Fees, refunds, the amount of your Collateral, any other Card transactions, or other amounts owed or credited to your LquidPay Account. Periodic Statements may be made accessible to you on your LquidPay Account daily, monthly, or as otherwise prescribed by Issuer. You must notify us promptly if you believe that there are any errors on your Periodic Statement, and submit any disputes or Chargebacks in accordance with these Card Terms. We are not obligated to send you a monthly statement if we deem your Account to be uncollectible or applicable law does not require us to send you a monthly statement for other reasons. Your failure to get a statement will have no bearing on your obligations and LquidPay and Issuer may still liquidate your collateral per Section 3 of this agreement.
Repayments
Where applicable, you may make a repayment for a balance on one or more of your LquidPay Cards by any means that are permitted by LquidPay and as provided in your LquidPay Account.
Any failure to pay the full amount owed to LquidPay or the Issuer, as applicable, when required is a breach of these Card Terms. You are responsible for all costs or expenses that we may incur in collecting amounts owed but not timely paid, including legal or collections fees and any interest at the maximum rate permitted under law.
Prepayment
At any time and where applicable, you may pay all or any part of your outstanding Account balance, without penalty. Payment of more than the payment due in one billing cycle will not relieve you of the obligation to pay the entire payment due in subsequent billing cycles.
Fees
Subject to applicable law you agree to pay the following fees:
We will disclose any Fees to you when you are approved for a LquidPay Card through your LquidPay Account, by updating these Card Terms, or through our website. We may update, add, or change Fees upon 30 days’ notice to you. Fees we assess may include interest or other finance related charges, periodic fees, fees for Card issuance or replacement, fees applicable to certain transactions, foreign transaction fees, usage fees, service fees, cash advance fees, fees for late payments, fees for failed payments or returned payments, fees for misuse of the Services, fees for Liquidation Events, or other fees we disclose to you. You are responsible for Fees in addition to Charges.
Penalty fees
Foreign Currency Transactions
If you make a transaction using your Account in a foreign currency (including, for example, online purchases from a merchant located outside of the U.S.), the credit card association will convert any transaction in foreign currency into U.S. dollars using an exchange rate for the applicable central processing date that is (1) selected by the association from the range of rates available in wholesale currency markets, which rate may vary from the rate the association receives, or (2) the government mandated rate. The conversion rate you get may differ from the rate on the transaction date or the posting date, and from the rate that the credit card association gets. A merchant or other third party may convert a transaction into U.S. dollars or another currency, using a rate they select, before sending it to the credit card association.
Txns Authorization and Settlement Fees: up to 2.3% + $0.50
Managing Your LquidPay Cards
Requesting and Replacing Cards
We or the Issuer may decide not to grant requests for LquidPay Cards or limit the number of physical or virtual LquidPay Cards provided to you.
You are responsible for securing LquidPay Cards, account numbers, and LquidPay Card security features. You will promptly notify us and take appropriate measures to prevent unauthorized transactions when a LquidPay Card is lost, stolen, breached, or needs to be replaced. In such cases, you may request the issuance of replacement LquidPay Cards through your LquidPay Account. Replacement Cards may have new account numbers that could require you to update the LquidPay Card on file for any scheduled or recurring payments. You are solely responsible for updating LquidPay Card information stored with merchants where account numbers have been changed.
Permitted and Unauthorized Use
You agree to establish and maintain controls designed to ensure that the LquidPay Cards are only used by you and your permitted authorized users for bona fide purposes and in compliance with these Card Terms, any Issuer terms, and applicable law. You are responsible for Charges and transactions made by any person given access to LquidPay Cards even if they are not the person associated with or named on the LquidPay Card.
LquidPay, Issuers, Card Networks, or other intermediary third-party service providers (including merchant acquirers) may deny or reverse Charges for any reason. Issuer is not responsible for any losses, damages, or harm caused by any Charges that are denied or reversed.
Lost or Stolen Cards
If your Card is lost or stolen or if you think someone may be using your Card or Account without your permission, you must notify us promptly by emailing us at LquidPay Support Email Address. You will not be liable for any unauthorized use that occurs after you notify us. You may, however, be liable for unauthorized use that occurs before receipt of your notice by us. You have an obligation to assist us in our investigation if your LquidPay Card is lost or stolen or you believe someone is using your LquidPay Card or your LquidPay Account without your permission.
Chargebacks
You are responsible for reviewing your Periodic Statements promptly and identifying any Charges that you believe are unauthorized or that you dispute.
If you and a merchant have a dispute regarding a Charge identified on your Periodic Statement, such as delivery of incorrect goods or services or being charged the wrong amount, you should first attempt to resolve the dispute with the merchant. If the dispute is not resolved to your satisfaction or if you believe the Charge is unauthorized, you may initiate a Chargeback through your LquidPay Account. You must report any disputed Charge or error no more than 60 days after the disputed Charge is posted on your Periodic Statement. We may require additional details on the transaction and our review of your disputed Charge will be conditioned on you providing all of the information we may require to review the disputed Charge.
You understand that the LquidPay Card is subject to Card Network rules regarding chargebacks. The Card Networks have additional established procedures for resolving chargebacks that may require you to provide further details of the disputed Charge or associated documentation.
Charges relating to disputed Charges and Chargebacks that are pending resolution may still be due and owing as of the date that payment is due as provided in the applicable Periodic Statement. Chargebacks resolved in your favor will be credited to your LquidPay Account on either the current or a future Periodic Statement. We may impose Fees, reduce your spending limits, or suspend access to your LquidPay Account or the Services if you fail to pay Charges relating to Chargebacks that are pending resolution on the payment date.
Termination
Subject to applicable law, we may suspend, revoke or cancel your Account privileges, your right to use the Card or deny any transaction, in our sole discretion at any time, with or without cause and with or without giving you notice. Any termination of credit privileges, whether initiated by us or by you, will not affect any of our rights or your obligations under these Card Terms, including your obligation to repay any amounts you owe us according to the terms of these Card Terms. On our demand or upon termination of credit privileges, you agree to surrender to us or destroy the Card. If you attempt to use the Card after the termination of credit privileges (whether or not we have provided notice of such termination), the Card may be retained by a merchant, ATM or financial institution where you attempt to use the Card.
Change of Terms
Subject to applicable law, we may at any time change, add to or delete terms and conditions of these Card Terms, including interest rates and this Change of Terms provision. Such changes may be based on our anti-fraud policies and procedures, your level of compliance with these Card Terms, prevailing economic conditions and/or any other factors. We will give you notice of any change, addition or deletion as required by applicable law. As of the effective date, the changed terms, at our option, will apply to new purchases and the outstanding balances of your Account, to the extent permitted by applicable law.
Remedies
In the event of your default under these Card Terms, we may, subject to applicable law (including any applicable notice requirement): (a) declare all or any portion of your outstanding Account balance to be immediately due and payable; (b) instead allow you to repay your Account balance by paying the minimum payment due each billing cycle, without waiving any rights under subsection (a); and/or (c) commence a collection action against you and charge you for any court costs and/or any reasonable attorneys’ fees and costs we are charged in connection with such action by any attorney who is not our salaried employee. After a default, interest charges will continue to accrue until your total Account balance, including accrued interest charges, is paid in full, subject to applicable law.
Delay in Enforcement
We may at any time and in our sole discretion delay or waive enforcing any of our rights or remedies under these Card Terms or under applicable law without losing any of those or any other rights or remedies. Even if we do not enforce our rights or remedies at any one time, we may enforce them at a later date. For example, we may accept late payments without losing any of our rights under these Card Terms.
Communications and Call Recording
You authorize LquidPay, Issuer and their partners (one of and each of Issuer’s joint or independent affiliates, agents, assigns, and service providers (collectively, the “Messaging Parties”) to use automatic telephone dialing systems, artificial or prerecorded voice message systems, text messaging systems and automated email systems, or any system capable of storing and dialing telephone numbers to deliver messages relating to these Card Terms, your Account, or your relationship with the Messaging Parties more generally (including but not limited to: messages about , upcoming payment due dates, missed payments and returned payments) to any telephone number(s) you provide to the Messaging Parties. You also agree that these messages may deliver prerecorded and/or artificial voice messages.
You understand that telephone messages may be played by a machine automatically when the telephone is answered, whether answered by you or someone else, and that these messages may also be recorded by your answering machine. You also authorize the Messaging Parties to deliver messages to you via mail or email at any addresses you supply to them or that they obtain through any legal means.
You understand that anyone with access to your mail, telephone or email account may listen to or read the messages the Messaging Parties leave or send you, and you agree that the Messaging Parties will have no liability for anyone accessing such messages. You further understand that, when you receive a telephone call, text message or email, you may incur a charge from the company that provides you with telecommunications, wireless and/or internet services, and you agree that the Messaging Parties will have no liability for such charges except to the extent required by applicable law. You expressly authorize the Messaging Parties to monitor and record your calls with the Messaging Parties. If any telephone number you have provided to the Messaging Parties changes, or if you cease to be the owner, subscriber, or primary user of any such telephone number, you agree to immediately give notice to the Messaging Party who delivered the messages of such facts so that the Messaging Party can update its records.
This authorization is part of our bargain concerning these Card Terms, and we do not intend it to be revocable. However, to the extent you have the right to revoke your consent to communications by autodialed calls and text messages to your mobile number under applicable law, you may exercise this right by contacting the applicable Messaging Party directly or by sending a request by email to Partner Support Email Address with the subject line “END COMMUNICATIONS.” You may opt-out of receiving most of these messages at any time by sending us a request to Partner Support Email Address or by responding “STOP” to any text message. To stop emails only, you can follow the opt-out instructions included at the bottom of the Messaging Parties’ emails.
Governing Law
These Card Terms will be interpreted in accordance with the laws of Puerto Rico without regard to conflict-of-law provisions. Judicial proceedings (other than small claims actions) that are excluded from the Arbitration section above must be brought in state or federal court in Puerto Rico, unless we both agree to some other location, and you hereby consent to the venue and personal jurisdiction of such court.
Dispute Resolution & Arbitration
PLEASE READ THIS "DISPUTE RESOLUTION AND ARBITRATION" PROVISION VERY CAREFULLY. IT LIMITS YOUR RIGHTS IN THE EVENT OF A DISPUTE BETWEEN YOU AND ISSUER.
Binding Arbitration:
Arbitration Procedure: